product.

We ask the restoration of such duties as will protect the great native cattle, swine, and horse industry of our State from foreign invasion."

The Dingley bill was passed subsequent to this appeal.

JEFFERSON ON THE IMPORTANCE OF MANUFACTURING INDUSTRIES.

On this subject Thomas Jefferson said: "Experience has taught me that manufacturers are as necessary to our independence as to our comfort. The duties we lay on all articles of foreign manufacture which prudence requires us to establish at home, with the patriotic determination of every good citizen to use no foreign article which can be made at home, secure us against a relapse into foreign dependency. My own idea is that we should encourage home manufacturers to the extent of our own consumption."

GENERAL JACKSON DEMANDS A HOME MARKET. Following is an extract from a letter of Gen. Jackson to Dr. L. I. Coleman, of North Carolina, dated Washington, August 26, 1824: "Heaven smiled upon and gave us liberty and independence. The same Providence has blessed us with the means of national independence and national defense. If we omit or refuse to use the gifts which He has extended to us, we deserve not the continuance of His blessing. He has filled our mountains and our plains with minerals--with lead, iron, and copper-and given us a climate and soil for the growing of hemp and wool. These being the great materials of our national defense, they ought to have extended to them adequate and fair protection, and our manufacturers and laborers may be placed in a fair competition with those of Europe, and that we may have within our country a supply of these leading and important articles so essential to war. “I will ask, what is the real situation of the agriculturist? Where has the American farmer a market for his surplus produce? Except for cotton, he has neither a foreign nor a home market. Does not this clearly prove, when there is no market at home or abroad that there is too much labor employed in agriculture? Common sense at once points out the remedy. Take from agriculture in the United States six hundred thousand men, women, and children, and you will at once give a market for more breadstuffs than all Europe now furnishes us with.

"In short, sir, we have been too long subject to the policy of British merchants. It is time we should become a little more Americanized, and instead of feeding paupers and laborers of England, feed our own; or else, in a short time, by continuing our present policy, we shall be paupers ourselves.

"It is, therefore, my opinion that a careful and judicious tariff

is much wanted to pay our national debt, and to afford us the means of that defense within ourselves, on which the safety of our country and liberties depends; and last, though not least, give a proper distribution of our labor, which must prove beneficial to the happiness, wealth, and independence of the community. "I am, very respectfully, your obedient servant,

"ANDREW JACKSON."

RAILROADS.

They Show Greatly Increased Earnings in 1897 over 1896 and thus Reflect Prosperity.

Increase 1897 over 1896, $37,719,119. Such is the statement of gross earnings of 133 American railroads for the full year ending with the advent of 1898. Their aggregate gross earnings as reported to the Financial Chronicle, were $602,236,028.

There are in the United States 1,008 railroads which maintain traffic accounts and which make reports of earnings to Federal and financial authorities. The 133 roads which report this increase of nearly $40,000,000, are the largest in the country. Some of the smaller roads may report decreases as compared with the previous year, but increases and not decreases were the rule for 1897. There is every reason to believe therefore, that the figures given above will be made larger rather than smaller.

The tendency toward increase is shown in further reports made by the Standard Financial Reporter. Eighty-eight roads for the fourth week of December reported gross earnings of $11,650,751, an increase of $1,463,481, or 14.37 per cent. For the month of December 138 roads report earnings of $52,299,577, an increase of $5,757,109.

The change in the ledger accounts was made during the last half of 1897. During the first six months statements uniformly showed decreases. During the last half business began to boom, heavy crops sought the seaboard and country merchants began to restock. Such enormous business did the roads do that the last six months overbalanced the first six, and the year was closed with increases in earnings, that have not been duplicated for a decade.

RAILROAD FREIGHT RATES-THEIR RELATION TO THE COST OF FARM PRODUCTS.

No careful student of economic conditions past and present can afford to ignore the relation of railroad freight rates to the market price of farm products and merchandise. According to the tables prepared by Mr. John P. Meany, editor of Poor's Railroad

Manual, there has been a very material reduction in rates since "the good old bimetallic times." In those times it cost the farmer nearly three times as much to ship a ton of his products to market as it does now. Examine the following table of average receipts per ton per mile of leading railroads for the years 1870, 1880, and 1896:

In 1872, one year before the demonetization of silver, it cost an average of 33.5 cents to ship a bushel of wheat from Chicago to New York; in 1876 the average rate was 16.5 cents, and in 1897 it was only 12.32 cents. It cost an average of $1.3512 in 1868 to ship a barrel of flour from Chicago to New York; in 1874 the cost was reduced to 95.45 cents and in 1897 it cost but 41.07 cents, or 94.05 cents less than during "the good old bimetallic times." In 1876 the rate on a bushel of wheat from St. Louis to New York by rail was 39.5 cents; in 1897 it was but 23.64 cents. To ship a bushel of wheat from St. Louis to Liverpool in 1883 cost 22.66 cents and in 1897 the cost was but 12.89 cents.

RECIPROCITY.

Negotiations for the Improvement of Our Export Trade Under the Dingley Act.

While no specific information is accessible as this book goes to press relative to the result so far accomplished toward establishing reciprocal trade relations with foreign countries under the reciprocity provisions of the Dingley act, it can be stated authoritatively that satisfactory progress is being made. Negotiations for the improvement of our export trade have been proceeding actively since last November. They have included ten countries of Europe and South America and nine colonies. They have also been initiated with Canada and a partial arrangement has been concluded with France and proclaimed. Others are approaching completion. In all these negotiations for reciprocity the farm and the work-room are equally remembered.

That the results are not made public at this time is due to the

negotiations being conducted in Washington. Under the provisions of sections 3 and 4, the reciprocity clause of the Dingley act, the President appointed Hon. John A. Kasson minister plenipotentiary to negotiate treaties. On the part of foreign governments these negotiations are conducted by their ministers and representatives in this country. Much time is required by the foreign legations for consulting their distant governments on each step which they shall take toward an agreement. The great struggle going on throughout the world for markets for national surplus production makes all nations extraordinarily vigilant and cautious. The large balance of the world's trade in favor of the United States has also awakened foreign jealousy and apprehension for the future.

The situation demands moderation and wisdom on the part of the United States, and every step is carefully considered, with a view to leveling interposing obstacles with the least degree of friction to all concerned.

TEXT OF THE RECIPROCITY SECTIONS OF THE DINGLEY

BILL.

SEC. 3. That for the purpose of equalizing the trade of the United States with foreign countries, and their colonies, producing and exporting to this country the following articles: Argols, or crude tartar, or wine lees, crude; brandies, or other spirits manufactured or distilled from grain or other materials; champagne and all other sparkling wines; still wines, and vermuth; paintings and statuary; or any of them, the President be, and he is hereby, authorized, as soon as may be after the passage of this act, and from time to time thereafter, to enter into negotiations with the governments of those countries exporting to the United States the above-mentioned articles, or any of them, with a view to the arrangement of commercial agreements in which reciprocal and equivalent concessions may be secured in favor of the products and manufactures of the United States; and whenever the government of any country, or colony, producing and exporting to the United States the above-mentioned articles, or any of them, shall enter into a commercial agreement with the United States, or make concessions in favor of the products, or manufactures thereof, which, in the judgment of the President, shall be reciprocal and equivalent, he shall be, and he is hereby authorized and empowered to suspend, during the time of such agreement or concession, by proclamation to that effect, the imposition and collection of the duties mentioned in this act, on such article or articles so exported to the United States from such country or colony, and thereupon and thereafter the duties levied,

collected, and paid upon such article or articles shall be as follows, namely:

Argols, or crude tartar, or wine lees, crude, five per centum ad valorem,

Brandies, or other spirits manufactured or distilled from grain or other materials, one dollar and seventy-five cents per proof gallon.

Champagne and all other sparkling wines, in bottles containing not more than one quart and more than one pint, six dollars per dozen; containing not more than one pint each and more than one-half pint, three dollars per dozen; containing one-half pint each or less, one dollar and fifty cents per dozen; in bottles or other vessels containing more than one quart each, in addition to six dollars per dozen bottles on the quantities in excess of one quart, at the rate of one dollar and ninety cents per gallon. Still wines, and vermuth, in casks, thirty-five cents per gallon; in bottles or jugs, per case of one dozen bottles or jugs containing each not more than one quart and more than one pint, or twentyfour bottles or jugs containing each not more than one pint, one dollar and twenty-five cents per case, and any excess beyond these quantities found in such bottles or jugs shall be subject to a duty of four cents per pint or fractional part thereof, but no separate or additional duty shall be assessed upon the bottles or jugs. Paintings in oil or water colors, pastels, pen and ink drawings, and statuary, fifteen per centum ad valorem.

The President shall have power, and it shall be his duty, whenever he shall be satisfied that any such agreement in this section mentioned is not being fully executed by the Government with which it shall have been made, to revoke such suspension and notify such Government thereof.

And it is further provided that with a view to secure reciprocal trade with countries producing the following articles, whenever and so often as the President shall be satisfied that the Government of any country, or colony of such Government, producing and exporting directly or indirectly to the United States coffee, tea, and tonquin, tonqua, or tonka beans, and vanilla beans, or any of such articles, imposes duties or other exactions upon the agricultural, manufactured, or other products of the United States, which, in view of the introduction of such coffee, tea, and tonquin, tonqua, or tonka beans, and vanilla beans, into the United States, as in this act hereinbefore provided for, he may deem to be reciprocally unequal and unreasonable, he shall have the power and it shall be his duty to suspend, by proclamation to that effect, the provisions of this act relating to the free introduction of such coffee, tea, and tonquin, tonqua, or tonka beans, and vanilla beans,